Skip to content

 

Take 25 percent off the cost of the award-winning AARP Smart Driver online course! Use promo code ‘BHM’ for savings.

 
National Debt Glossary

Gramm-Rudman-Hollings

The popular name of the 1985 Balanced Budget and Emergency Deficit Control Act, so named for its sponsors at the time: Sens. Phil Gramm (R-Texas), Warren Rudman (R-N.H.) and Ernest F. Hollings (D-S.C.).

The act, a mechanism for reducing the federal deficit, set declining deficit targets for the federal government and established an automatic enforcement mechanism called sequestration.

Gramm-Rudman-Hollings has been amended several times, most significantly by the 1990 Budget Enforcement Act and the 1997 Balanced Budget Act.

SOURCE: U.S. Government Accountability Office

See also: Balanced budget

 

Join the Discussion

0 | Add Yours

Please leave your comment below.

You must be logged in to leave a comment.

GO TO THIS ARTICLE